Ripple CTO Agrees XRP Is for Everyone, Especially People Sick of Banks

Ripple CTO agrees that XRP exists to challenge banks’ monopoly and empower individuals; false narratives persist among some XRP community members.

Over the weekend, Ripple CTO David Schwartz expressed agreement with a series of tweets by Panos Mekras, the author of Understanding the Crypto Economy, regarding the position of XRP. 

Mekras shared his perspective on the purpose of XRP. He emphasized that it was not for banks or to assist financial institutions. Instead, XRP was designed to challenge their monopoly and offer individuals a superior peer-to-peer (P2P) transaction experience.

“I 100% agree with that thread. Awesome description!” the Ripple Chief Technology Officer remarked to Mekras’ sentiment.

I 100% agree with that thread. Awsome description!

— David “JoelKatz” Schwartz (@JoelKatz) June 11, 2023

Mekras highlighted the early vision of Ripple, formerly OpenCoin, which aimed to build an open payments system and a P2P credit network atop the XRP Ledger (XRPL). 

According to the financial expert, Ripple sought to enable individuals to break free from the constraints imposed by traditional financial networks such as credit cards, PayPal, and other institutions notorious for fees, currency exchange charges, and processing delays.

And with features like the DEX, Ripple’s initial vision was to “enable people to break free of the “walled gardens” of financial networks like credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays.”

— Panos 🔺 {X} 🪝 (@panosmek) June 11, 2023

While Ripple eventually shifted its focus to the banking system and cross-border payments, it aimed to level the playing field for smaller banks, according to Mekras, and disrupt the dominance of the SWIFT cartel, which primarily served larger institutions. 

Faulty Narrative about XRP

However, Mekras lamented that some members of the XRP community continue to hold misconceptions about the token’s purpose, perpetuating false narratives initially spread by Bitcoin maximalists and later propagated by self-proclaimed “XRP influencers” and YouTubers. 

Recall that The Crypto Basic recently captured how a well-known data aggregator platform described XRP as an impostor coin that defeated the purpose of decentralization. 

Mekras urged community members to stick to the facts and recognize XRP as a tool designed to empower individuals disillusioned with banks and centralized entities that impose high fees and possess the ability to censor users.

Mekras stressed that XRP was built to liberate people from the control of such institutions and return power to individuals. Notably, the decentralized nature of the XRPL allows anyone, including individuals, businesses, and banks, to utilize its features according to their needs and preferences. 

As reported by The Crypto Basic two weeks ago, HSBC, the largest Europe-based bank, recently recognized XRPL as a game changer for global settlements.